한국지방재정공제회 LOCAL FINANCE ACCOCIATION

Business

Mutual Development of Municipalities Fund


Basis
The Framework Act On The Management Of Local Government Funds, Article 17(1)
The relevant Special Metropolitan City, Metropolitan City, Special Self-Governing City· Province, or Special Self-Governing Province shall establish Mutual Development of Municipalities Fund to support mutual development among local governments.

Description
(Purpose) Financial support for the coexistence and development among local authorities and effective management and use of surplus funds
(Financial Resouces) Contributions from three Seoul metropolitan governments
(Seoul Special City, Incheon Metropolitan City, Gyeonggi-do contribute 35% of local consumption tax revenue allocated to each government.)
(Expenditure) Financial support(50%) and Loan support(50%)
(Fund Operator) The Mutual Development of Municipalities Fund Association, comprised of 17 metropolitan cities and provinces, manages and operates the fund. And LOFA(Regional Revitalization Promotion Center) is entrusted to perform the Cooperative’s business